A new apartment development in the inner-city suburb of Kelvin Grove in Brisbane will be popular for investors, claims a local agent.
Harcourts Urban business owner Bridget Gabites is confident that the development will be popular with investors and Generation Y buyers looking for urban ‘New York’ style living.
“Apartment living is a clear winner amongst Gen Y buyers. Preferring the easy maintenance of apartments over house and land, Gen Y is leading the way with property purchasers choosing high density living,” she said.
According to Australain Property Monitors (APM), units in the Kelvin Grove area have a much higher median growth rate compared to the rest of Brisbane.
Units in Kelvin Grove have experienced a long-term trend of 11.8 per cent, while the rest of Brisbane is sitting at 7.4 per cent.
The company behind the development, JonBuild, says that on average they are selling out their developments within three months of completion.
“We believe in strong design elements, apartments designed for living in and keeping within the budget constraints of current buyers,” said the director, Peter Taouk.
The average two bedroom apartment price in the development is in the late $400,000 to early $500,000s while other complexes for sale in the Village average mid-high $500,000.